And that is where your argument falls apart, Kuja. The Soul Reaver isn't a sword, it's a wraith blade. It is a blade made entirely of energy. There is no handle. It's attached to Raziel's arm, and cannot be removed. Sonic can't disarm Raziel. The instant he tried to, he would be in pieces and his soul would be mere fodder for the Reaver.

Yes, but the difference here is that Raziel isn't stopping time. He's relocating himself to a dimension where time doesn't exist. Sonic would have no idea where Raziel would pop up next, and the change would be instantaneous. There would be no way for him to see the shift coming and no way to react quickly enough because Raziel would re-appear instantly on the other side of the arena completely healed. Raziel could spend what felt like days to him, regaining his strength, and then shift back into the Material Plane and not one single second would have gone by from Sonic's point of view.

First, considering that Gold Form, Sonic Wind and Time Freeze all require pickups to use, he'd only really be able to use that strategy once in this fight since there aren't any special pickups or ammo provided for the combatants to use. They've got what they come in with. So, he'd have to use that attack wisely, just like Raziel would have to be wise about using any of his Reaver Spells (I said Reaver Spells, not Glyphs. Glyphs use Raziel's Magic Reserves, Reaver Spells require the Reaver to be charged, and Raziel has to kill an opponent in order to gain a charge). He'd have one chance to use that strategy, and there would be no point in him using it for the plan that you've come up with.

Either way, Sonic doesn't have much of a chance. Sonic is a reactionary creature. He doesn't plan, he doesn't strategize. He improvises in any given situation and his incredible speed is what allows him to do that. Raziel has the best of both worlds. He's an expert tactician and improvisational melee warrior with 1,500 years of experience backing him up. The Flash is a badass comic character, but Batman would destroy him if given the opportunity. Raziel has all the time he needs to strategize and re-organize his plans, because time means nothing in the Spectral Realm. Raziel could teach Batman a thing or two.